Personal Financial Services: Step 5

 Implementing the Plan

Any plan means nothing unless action is taken. In this stage of the financial planning process the client and planner begin implementing the financial plan. For example, if it was determined that there were insufficient emergency funds then a plan is put in place to increase these funds.

Another important topic is asset management. The process of investment management includes evaluating the variety of options in tax-advantaged vehicles, putting together an asset allocation that identifies the areas of interest with knowledge of the clients financial and risk constraints. Additionally, the specific investments within these asset classes is included.  In this step of the financial planning process these options are put in place.

In some areas of implementation the assistance of other professionals may be required. For example, if it is determined that trust and will documents must be prepared, the services of an estate planning attorney will be recommended.

Financial Planning Process